Kopin Corporation (NASDAQ:KOPN) Q4 2023 Earnings Call Transcript

Kopin Corporation (NASDAQ:KOPN) Q4 2023 Earnings Call Transcript March 14, 2024

Kopin Corporation misses on earnings expectations. Reported EPS is $-0.06 EPS, expectations were $-0.03. Kopin Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon, everyone. Welcome to the Kopin Corporation Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Now, at this time, I will turn things over to Mr. Quinn Callahan [ph], Investor Relations. Please go ahead, sir.

Quinn Callahan: Thank you. Good afternoon, everyone. Before we get started, I’d like to remind everyone that during today’s call taking place on Thursday, March 14, 2023, we will be making forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on the company’s current expectations, projections, beliefs and estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks include, but are not limited to, demand for our products, operating results of our subsidiaries, market conditions and other factors discussed in our most recent annual report on Form 10-K and other documents filed with the Securities and Exchange Commission.

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Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven inaccurate and there could be no assurances that the results will be realized. The company undertakes no obligation to update the forward-looking statements made during today’s call. In addition, references maybe made to certain non-generally accepted accounting principles or non-GAAP measures for which you should refer to the appropriate disclaimers and reconciliation in the company’s SEC filings and press releases. Kopin Corporation’s Chief Executive Officer, Michael Murray will begin today’s call with an overview of Kopin’s progress within the company’s strategy. Following Michael, Kopin’s CFO, Richard Sneider, will review the company’s fourth quarter and full year 2023 results.

I would now like to turn the conference over to Michael Murray.

Michael Murray: Thank you, Quinn. Good afternoon, everyone and welcome to our fourth quarter and full year 2023 earnings call. I am very proud of the significant progress we have accomplished this past year on our transformation plan and achieving our fifth consecutive positive book-to-bill quarter, enabling over $55 million in backlog for 2024. As mentioned on our third quarter results call, we were expecting a new configuration weapon site order in late December, which would significantly increase our demand for the year. And if received, we would need to take actions within the quarter to prepare the plant for such an increase in demand. Based on our understanding that our recently announced $20.5 million order would be received in early 2024, we took the decision to extend our holiday shutdown period which impacted Q4 revenues so that we could install new automation equipment, retool and clean the plant to accommodate the anticipated significant increase in production and to improve production flow for long-term profitability.

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